The first meeting of the Cambodia-Hungary Joint Commission on Economic Cooperation will be held later this year in a move to boost bilateral trade. The meeting will be held in two sessions on November 30th and December 1st in the Kingdom.

The plan was revealed last week during a conference between Cambodian Ministry of Commerce secretary of state Tek Reth Kamrong, Hungarian Ministry of Foreign Affairs and Trade deputy state secretary for export development Istvan Joo.

Hungary has expressed its commitment to strengthening economic cooperation with Cambodia in key areas, including agriculture, agro-industry, irrigation management, e-commerce and education.

Meanwhile, the two sides plan to sign two Memorandums of Understanding on draft agreements related to agriculture and irrigation management, as well as an agreement on aviation services.

Cambodia Chamber of Commerce vice-president Lim Heng said the forums could potentially generate more market opportunities for the Kingdom.

The meeting will boost economic and investment ties between the two sides. Though trade volume between the two countries remains low, this is part of government effort to find more new markets to provide [the Kingdom with] an economic competitive advantage over regional countries, he said.

Last year, Cambodia and Hungary signed agreements on economic cooperation in 24 priority areas, including trade promotion, e-commerce, small and medium-sized enterprises, agriculture, tourism, banking and finance.

Cambodia cooperates with Hungary since 2013. It’s a wise decision to keep this cooperation in good condition and we are glad to see how important partner the Kingdom is.

Source: The Phnom Penh Post

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